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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (87434)10/8/2007 7:54:47 PM
From: John Metcalf  Read Replies (3) of 110194
 
Ork, I have the same immediate reaction to an income guarantee. Some may not remember that a guaranteed national income was a hot new idea in the 1960's. It was championed by Milton Friedman, certainly not a liberal. In the late sixties, this idea had gained enough attention to be the national college debate topic. In college on a debate scholarship, I spoke fer and agin it.

Freidman's point was that administration of social programs is expensive. All those gubmint jobs could be eliminated if we simply introduced a "negative income tax", in which money would be sent to those who didn't earn enough, cutting out the social-worker middle man.

I have problems with the implementation of this idea, but it was conservative in origin, is partially paid for by the elimination of administrative jobs, and was thought to be a low-cost alternative to the welfare we already pay for.

My personal view is that demographics have changed too much for this idea to merit serious consideration.
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